More families move in together during housing crisis
The article written by Stephanie Armour on February 2. 2009, titled above is about the current housing crisis in America that is affecting more and more people who own homes. The intro into the article discussed a person who had just completed building a new home in Queens, NY. He lost his position as a superintendent and was unable to pay his monthly mortgage payment of $5,000 per month. His solution to his crisis was to have his children, stepchildren move in, and pay rent.
The housing crisis is affecting more than just this person, it is also affecting the 50+ group who are financially living day to day and they are seeing a trend in their own children moving back in with them due to their own loss of homes through the foreclosure process. The article also covers the crisis of many people who are homeless due to the foreclosure increases here in the United States.
I work in the mortgage industry myself; the particular section is the Loss Mitigation Department. This department is the last chance to save your home prior to the foreclosure sale date. The foreclosure sale process here in Ohio can be a lengthy one and does not take overnight. The homeowner is given enough time to contact their mortgage company and the foreclosure attorneys to work out an arrangement in order to keep them in the house. For many people, they are able to stay in their home after realistically reviewing their financial situation and spending habits and making their first priority their home. For others, who do not have the means to support the property and their bills, they have the choice to sell the property or allow the foreclosure process to continue.
Most people want to blame the mortgage companies and the builders as well as the sales agents for allowing them to get into a home that they could not afford to begin with. Part of the blame is with these companies, however, the other part of the blame is with the consumer, who knew that they could not afford the property that they were buying and also did not take the time to educate themselves on being a homeowner.
Stephanie wrote an excellent article on the issue and made many excellent comments on the continuing crisis which is still ongoing.
Reference
Armour, Stephanie, More families move in together during housing crisis, USA Today, dated 2/3/2009, retrieved April 5, 2009
The article written by Stephanie Armour on February 2. 2009, titled above is about the current housing crisis in America that is affecting more and more people who own homes. The intro into the article discussed a person who had just completed building a new home in Queens, NY. He lost his position as a superintendent and was unable to pay his monthly mortgage payment of $5,000 per month. His solution to his crisis was to have his children, stepchildren move in, and pay rent.
The housing crisis is affecting more than just this person, it is also affecting the 50+ group who are financially living day to day and they are seeing a trend in their own children moving back in with them due to their own loss of homes through the foreclosure process. The article also covers the crisis of many people who are homeless due to the foreclosure increases here in the United States.
I work in the mortgage industry myself; the particular section is the Loss Mitigation Department. This department is the last chance to save your home prior to the foreclosure sale date. The foreclosure sale process here in Ohio can be a lengthy one and does not take overnight. The homeowner is given enough time to contact their mortgage company and the foreclosure attorneys to work out an arrangement in order to keep them in the house. For many people, they are able to stay in their home after realistically reviewing their financial situation and spending habits and making their first priority their home. For others, who do not have the means to support the property and their bills, they have the choice to sell the property or allow the foreclosure process to continue.
Most people want to blame the mortgage companies and the builders as well as the sales agents for allowing them to get into a home that they could not afford to begin with. Part of the blame is with these companies, however, the other part of the blame is with the consumer, who knew that they could not afford the property that they were buying and also did not take the time to educate themselves on being a homeowner.
Stephanie wrote an excellent article on the issue and made many excellent comments on the continuing crisis which is still ongoing.
Reference
Armour, Stephanie, More families move in together during housing crisis, USA Today, dated 2/3/2009, retrieved April 5, 2009
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